Rice import duty increased to 25 pc

National Board of Revenue (NBR) has increased the duty on the import of rice to discourage it for protecting the interest of local farmers.

The tax authority today issuing a SRO increasing the regulatory duty on rice import to 25 percent from the existing 3 percent, keeping 25 percent import tariff unchanged. In addition, it also imposed 5 percent advanced income tax on all products.

“Now, the importers have to count a total of 55 percent tax and duty for rice import, and it will be effective from today,” said the NBR SRO.

NBR has taken the decision against the backdrop of resentment among the farmers over the low price of rice compared to their production cost.

“To protect the interest of country’s farmers and minimize and their financial loss, we have taken the decision of increasing import duty on rice following the directives of the Prime Minister,” said NBR Chairman Md Mosharraf Hossain Bhuiyan.

In the first 10 months of this fiscal (2018-19), Bangladesh imported 3.3 lakh metric tons of rice and as an outcome, the local farmers are being forced to sell rice at a price lower than the production cost, added the chairman.